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Tribune Publishing Company (NASDAQ: TPCO) announced its Q3 2020 results with total revenues of $188.7 million, down 20.1% from $236.0 million year-over-year. Despite this decline, net income from continuing operations rose to $8.5 million, a 23.5% increase. Adjusted EBITDA reached $27.3 million, exceeding prior guidance. Notably, digital content revenues surged by 67.4%, driven by a rise in digital subscribers to 427,000. The company remains cautious about ongoing pandemic impacts but has made substantial strides in cost management and digital transition.
Tribune Publishing (NASDAQ:TPCO) will release its third-quarter financial results on November 4, 2020. A conference call to discuss these results is scheduled for 5:00 p.m. Eastern time on the same day. Access to the call can be obtained via the Investor Relations website or by phone at 844.494.0195 (international callers: 508.637.5599). A replay will be available for one year on the website and also via telephone. Tribune Publishing is known for its acclaimed journalism and operates several well-known local and national media brands.
Tribune Publishing Company (NASDAQ: TPCO) reported its second-quarter financial results for 2020, revealing total revenues of $183.1 million, a 26.9% decrease from $250.3 million in Q2 2019. The net income from continuing operations was $1.6 million, down 70.9% from the previous year's $5.3 million. Digital content revenues surged 40%, driven by a 39.7% rise in digital-only subscribers, totaling 419,000. Adjusted EBITDA was $18.8 million, outpacing expectations due to improving revenue trends in June. The company estimates Q3 revenues between $188 million and $193 million.
Tribune Publishing Company (NASDAQ: TPCO) announced the approval of a limited duration stockholder rights agreement aimed at protecting shareholders from potential hostile takeovers. Effective from August 7, 2020, shareholders will receive one right for each common stock share, expiring on July 27, 2021. The rights will activate if anyone acquires 10% or more of the stock without board approval, allowing existing shareholders to purchase additional shares at a favorable price. This measure is intended to enhance shareholder value and ensure informed decision-making by the board.
Tribune Publishing (NASDAQ:TPCO) has rescheduled its Q1 2020 financial results release to June 5, 2020, from May 22, 2020. The delay is attributed to the need for additional time to assess asset valuations and possible non-cash impairment charges due to the COVID-19 pandemic. A conference call to discuss the financial results will occur at 8:30 a.m. ET on the same day, accessible via their Investor Relations website or by phone. The company is known for its local media outlets and integrated marketing services.
Tribune Publishing (NASDAQ:TPCO) will report its first quarter financial results on May 22, 2020. A conference call is scheduled for 8:30 a.m. Eastern time to discuss the results, accessible via the company's Investor Relations website or by phone.
The company operates renowned media brands, including the Chicago Tribune and New York Daily News, focusing on engaging local communities.